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Asra Minerals Ltd (ASX:ASR) is gearing up for a busy phase of exploration drilling at its Leonora gold projects in Western Australia, following a successful capital raising which brought in up to $3 million from sophisticated and institutional investors.
The company set up a two-tranche placement and received commitments from these two groups – which included new and existing investors – to attract funds for its upcoming drilling campaign at the projects, with this to commence by early May 2025.
This work has 2 main focal points: the first being resource extension work to boost the current JORC resource of 200,000 ounces of gold at 1.8 grams per tonne (g/t) – which is built around the Orion-Sapphire, Stirling Well and Viserion deposits.
The second includes a suite of high priority, untested regional targets which were identified through extensive geophysics and structural work completed in the first quarter of calendar year 2025.
Asra will also use the funds for evaluation and acquisition of potential gold projects in the Leonora region.
CEO Paul Stephen said the successful placement would enable the company to progress its busy work program this year.
“This $3 million placement, once completed, will provide Asra with the financial capacity
required to launch our planned Q2 CY2025 drilling program, which will systematically test the 26 recently defined priority gold targets across our Leonora projects,” he said.
“This funding is pivotal as it allows us to immediately follow up on the high-potential areas identified through our recent detailed technical work.
“We appreciate the strong support shown for the placement and look forward to commencing drilling shortly and updating the market on our progress.”
At 14:58 AEST, Asra Minerals was trading at 0.2 cents per share – a rise of 25% since the market opened.
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